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Board pushes managers for clearer performance data, simpler reporting and stronger evidence for claimed strengths
Summary
Board members criticized managers' slide decks as too promotional and asked consultants to require concrete payoff‑ratio data, clearer evidence for claims about sector strengths, and more digestible monthly/quarterly executive summaries.
During the April 8 meeting, several Norwalk Pension Board members pressed consultants and external managers for more concrete, data‑driven presentations and an improved reporting cadence.
Members said many manager slide decks contain marketing language and urged staff to require evidence when managers claim strengths (for example, sector or style expertise) and to show payoff ratios — the relative size of winners versus losers — rather than broad anecdotes. A member asked that managers "show us the data" when highlighting strengths and that consultants reduce "fluff" in presentations.
Consultants acknowledged the feedback and committed to tightening manager presentations, providing more actionable metrics and producing shorter, more digestible executive summaries for monthly use (while retaining full quarterly reports for archive and fiduciary review). The board discussed using passive sleeves as a liquidity destination if managers underperform while searches and evaluations occur.
Next steps: consultants will instruct presenting managers to include concrete supporting data for claimed strengths and will experiment with shorter executive summaries and clearer monthly highlights for board review.
